The State of Wisconsin serves as a prime example of just how unconventional local tax laws can be.
By Patrick Barnard
One of the biggest challenges mortgage servicers face today is getting accurate, up-to-date local tax information for all of the loans in their portfolios from the multitude of cities, towns and counties across the U.S.
The challenge stems from the fact that different counties and municipalities in each state can have their own policies and procedures when it comes to the collection of local taxes - plus, they often have their own unique ways of recording and reporting property tax information, including liens and tax foreclosures. Making the landscape all the more complex is that they all have made varying degrees of investment in technology. As a result, it has been very difficult to develop a standardized approach for accessing up-to-date local tax information.
The State of Wisconsin serves as a prime example of just how unconventional local tax laws can be. As discussed in a recent white paper from tax services firm LERETA, Wisconsin property tax collection policies are basically all over the map. Not only do borrowers have different payment options within each county or town, but most property tax statements are mailed mid-December, which can be challenging for mortgage lenders looking to make year-end tax payment disbursements.
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To download the white paper click below.